Three North East firms listed in Tech Track 100 2016

A mobile payment technology company, a marketing software developer and a technology business are the only three North East companies to be named on the latest Sunday Times Hiscox Tech Track 100.

The annual league table, which is in its 16th edition, ranks Britain’s private technology, media and telecoms companies with the fastest-growing sales. Four North East companies appeared in 2015, inlcuding Gateshead-based Ontrac, which builds systems that help businesses consolidate the disparate data found throughout an organisation in databases and legacy IT systems, cloud computing services provider SITS Group based in Cramlington in Northumberland, and Stockton-on-Tees-based website developer Visualsoft.

The three 2016 North East representatives include two new entrants – Newcastle-based Performance Horizon and Houghton-le-Spring’s Salecycle.

The highest ranked of the three is mobile payment technology firm ImpulsePay, headquartered in Newcastle, at 12. ImpulsePay enjoyed annual sales growth of 148 per cent over the three years to 31 December 2015 to £12.5m.

Performance Horizon, which was ranked at 37, reported an average sales increase of 90 per cent. In the year to 31 December 2015 the marketing software developer reported turnover of £6.18m. Earlier this year, it closed a $15.4 million funding round.

Houghton le Spring-based Salecycle, whose technology helps companies such as IKEA, Dyson and Virgin Atlantic to encourage visitors to their websites to complete an abandoned transaction and increase online sales, reported revenue of £9m during the 12 months to 31 March 2016. Its 89 per cent average sales increase ranked the company at 38.

Out of the 100, a total of 31 businesses were founded by serial entrepreneurs who have started at least one other venture, including Performance Horizon’s co-founders Malcolm Cowley and Paul Fellows.

The pair established online marketing business Buy.at before selling it to AOL for $125m (£93.7m).

The Tech Track 100 is sponsored by Hiscox, Barclays, BDO and BGF, and compiled by Fast Track, the Oxford-based research and networking events firm.